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Now Steven Cohen is charged... why ever read another Market Wizard book?
- Thread starter short&naked
- Start date
Do you know if Mike blew up and then opened Big Mike's to re-coup his losses?
I originally heard from Richard formerly of EOT that Mike was a some programmer guy like he was from Dallas Metro?
I guess that would make sense that he would defend that lady loser day trader from Canada that was trying to push her wares :eek:
The only good thing I have seen on BMT lately is FT71, I think he is the real thing but who knows this biz has more scum bags then people that sold Amway.
I originally heard from Richard formerly of EOT that Mike was a some programmer guy like he was from Dallas Metro?
I guess that would make sense that he would defend that lady loser day trader from Canada that was trying to push her wares :eek:
The only good thing I have seen on BMT lately is FT71, I think he is the real thing but who knows this biz has more scum bags then people that sold Amway.
The more we learn about these Market Wizards the more we figure out guys like "The Pitt Bull" and Steve Cohen of SAC, the Indian man who ran the Hedge Fund who received "Perfect Information" on PG's and Gilletes Merger, are so common.
I was offered Inside Information with various companies but declined because I am too superstitious. I can't believe Steve Cohen did not know all those great trades were not related to perfect-information received and paid for by traders.
Over Six Years ago there was a Short Seller who took up Shorting almost the entire float of PCYC at $20+ and he was so lucky to cover at $3.00. We figured with his Short exposure he had inside information and new the cancer drug this company was working on, had killed a few people and turned other green and blue.
I wish I had kept that PCYC as it now trades above $100 after hitting a low of $1.98 a year or two later My buddy was great at Biotech but believed he was right over this Short Seller who made $100,000,000 off his trade.
On the other side of the coin, this same Trader bought Sagent Software because the CFO was his friend and told him good things were coming. He spent all his money he made trading to support the shares at $6 while the CFO was selling via Form 4s. I pointed this out to my friend and he was so shell-shocked he allowed Sagent to fall with his 500,000 shares to $2.00 and finally he sold and took a heck of a loss. Insider Trading works both ways, poor "Dave (name changed)" wanted so badly to be a Hedge Fund manager but was too much of a gambler.
I was offered Inside Information with various companies but declined because I am too superstitious. I can't believe Steve Cohen did not know all those great trades were not related to perfect-information received and paid for by traders.
Over Six Years ago there was a Short Seller who took up Shorting almost the entire float of PCYC at $20+ and he was so lucky to cover at $3.00. We figured with his Short exposure he had inside information and new the cancer drug this company was working on, had killed a few people and turned other green and blue.
I wish I had kept that PCYC as it now trades above $100 after hitting a low of $1.98 a year or two later My buddy was great at Biotech but believed he was right over this Short Seller who made $100,000,000 off his trade.
On the other side of the coin, this same Trader bought Sagent Software because the CFO was his friend and told him good things were coming. He spent all his money he made trading to support the shares at $6 while the CFO was selling via Form 4s. I pointed this out to my friend and he was so shell-shocked he allowed Sagent to fall with his 500,000 shares to $2.00 and finally he sold and took a heck of a loss. Insider Trading works both ways, poor "Dave (name changed)" wanted so badly to be a Hedge Fund manager but was too much of a gambler.
Quote from electron:
This series of books by Schwager, in my opinion, has contributed a lot to this myth of trading geniuses and a bit to the myth of easy money too.
Some of these geniuses are not geniuses any more and most of them can lose money as easily as many other less accomplished traders.
That actually made me rethink some things about these books and their author. Thanks.
Quote from stock777:
have any of you miscreants read the most recent mw book?
I read that stuff, all 4 books. Actually the last one in the series I only perused but intended to read it.
I used to be a fan of his books, but I am now very much inclined to agree with electron. His books are indeed a lot about hero worshipping and stuff.
There may be some value to them, but after seeing the author give a webinar on the Big Mike Trading forum, I now see him as yet another marketing hack doing a PR job for Wall Street.
He lost credibility with me big time.
But I am not saying you cannot enjoy them, especially if you are new to trading.
Quote from dandxg:
The only good thing I have seen on BMT lately is FT71, I think he is the real thing but who knows this biz has more scum bags then people that sold Amway.
I have my doubts about anyone doing biz with BM, and that includes this guy too. I find his huge Twitter following rather odd, which may mean it's fake. And if this is fake, who knows what else is.
Even BM does not have that many followers on Twitter.